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Rishtey
As head of the family, you have to play multiple roles. One of the key roles is being a responsible, caring parent. To ensure that your child gets the best of everything, a parent would always plan ahead for expenses like a son's or daughter's marriage.
Standard Chartered Bank (Pakistan) Limited introduces Rishtey, an exclusive marriage plan underwritten by EFU Life Assurance Ltd. With Rishtey, marriage expenses can be met with ease... and the protection of a life cover could be enjoyed as well.
Rishtey also provides the great opportunity to give a first wedding anniversary headstart gift to your loved one, in the form of cash or an education plan for your first grand child.
Rishtey guarantees a minimum amount payable at maturity of the plan. The amount payable is equal to the sum assured of the plan OR the fund value at the time of death (whichever is higher).
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Exclusive benefits available with Rishtey:
- Steady Saving Option:
Rishtey gives you the flexibility of opting for receiving 90 % of the fund value as lump sum cash on maturity, to cover the immediate marriage related expenses of the child. The remaining 10 % of the fund will continue to participate in the EFU Managed Growth Fund. With this remaining amount, there is the choice of taking a cash lump sum or purchasing an education plan from EFU Life for one's son's or daughter's first born*.
* subject to underwriting on the son / daughter's life.
- Unit Accumulation and Investment Fund:
Every contribution in Rishtey is invested in an internal investment fund of EFU Life, called the ‘EFU Managed Growth Fund'. The contributions are utilised to buy units of the fund at the prevailing offer price. The objective of the fund is to maximise capital growth, by investing in a balanced portfolio spread across a wide range of shares, government and other fixed interest securities and cash. The fund is managed by investment experts, who adjust the mix of the underlying investments in light of economic conditions and investment opportunities.
- Maturity Marriage Bonus:
At maturity, provided all premiums have been paid under the policy, EFU Life will pay a maturity bonus. This Marriage Bonus will be paid in the form of an extra unit allocation into the policy.
The one time final unit allocation at maturity will be:
- 10% of the average basic plan premium paid during the entire policy term if the plan term is up to 15 years
- 20% of the average basic plan premium paid during the entire policy term if the plan term is 16 years and above
The extra allocation will give an immediate boost to the final maturity value which will help the assured parent or the family to better achieve the purpose of the fund accumulation - marriage of children.
- Maturity Educational Option:
Children's future education expenses don't come at once. Often there might be a huge cost with extra expense over subsequent years. To match the need of the future education expenses of the child, Taleem provides the facility to withdraw the full maturity value in 4, 5 or 6 annual installments.
- Continuation Benefit:
In the unfortunate event of death of the assured parent, Rishtey would ensure that the targeted fund at maturity is achieved. EFU Life will continue to make the contributions towards Rishtey. This ensures that the required funds are available to meet the child's wedding expenses, even if the parent is not there.
- Access to Savings at all Times:
Rishtey provides complete access to the accumulated fund value at all times. After the contributions have been paid for 2 full years, the fund can be withdrawn for its full or partial value.
- Regular Income:
Rishtey gives an option in which a quarterly income (up to 25 % of the basic annual premium) is paid to the family, in case of the unfortunate death of the parent during the plan term, to meet day to day expenses and for the support of the family.
- Waiver of Premium:
In case of inability of the assured parent to continue any occupation due to permanent disability, the premium is waived. However the benefits of the plan continue. This optional feature ensures that the required funds are available to meet the child's education expenses even if the parent is not there.
- Minimum Premium:
The minimum annual premium required for Rishtey is Rs 15,000.
- Applicable Ages and Terms:
Rishtey is available to individuals of 18 years to 60 years of age. The applicable savings terms are from 10 to 25 years.
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The parent's age is 30 years, who has a 2 year old child. In order to turn his dream into a reality of arranging the best wedding of the child, he decides to contribute Rs 100,000 per annum for 18 years in Rishtey. At the end of 18 years, an amount of approximately Rs 4,200,000 shall be available to meet the wedding expenses of the child.
The table below shows the expected cash values of Rishtey on the basis of the scenario mentioned above.
| |
6 % p.a. unit growth rate |
8 % p.a. unit growth rate |
10 % p.a. unit growth rate |
| Policy Year |
Fund Value |
Fund Value |
Fund Value |
| 5 |
424,690 |
446,452 |
469,149 |
| 10 |
1,120,736 |
1,241,724 |
1,376,406 |
| 15 |
2,082,941 |
2,442,798 |
2,872,026 |
| 18 |
2,832,790 |
3,442,152 |
4,200,885 |
Important Notes:
- The cash values given in the table are estimated based on assumptions. The actual values maybe higher or lower than the ones shown above, depending upon the performance of the underlying investments in the EFU Managed Growth Fund.
- The above cash values take into account Maturity Bonus Allocation at the end of the policy term.
- The cash values have been worked out at assumed investment growth rates of 6%, 8% and 10% per annum.
- In case of death of the assured parent during the term of the policy, the annual premium is paid by the Company to cater for the childs future marriage expenses.
- Certain charges apply on the policy; please refer to personalized illustration of benefits for details.
- A description of how the contract works is given in the Policy Provisions and Conditions. This brochure gives a general outline of the product. The above figures are indicative and for illustration purpose only.
- Services charges and taxes will be applicable as per the Banks Schedule of Charges or Taxation Laws as stipulated by the relevant authorities.
- Past performance of funds is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds.
- This product is not guaranteed or insured by Standard Chartered Bank (Pakistan) Limited or their affiliates and is not a Standard Chartered Bank (Pakistan) Limited product.
- This product is underwritten by EFU Life Assurance Ltd.
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